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The Investment Services and Activities and Regulated Market (Amendment) Law of 2014
05.12.2014
Area(s) of Practice: Banking and Secured Financing, European Union Law

On December 4, the Investment Services Law, 144(I)/2007, was amended for purposes of harmonisation with EU Directive 2013/36 “on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms”, and EU Regulation 576/2013 “on prudential requirements for credit institutions and investment firms”.

The amendments approved are, inter alia, related to the Investment Firms governance arrangements, their initial capital and management requirements and the prudential supervision by the Cyprus Securities and Stock Exchange Commission (“the Commission”). The new legislation also contains provisions on the exchange of information between the competent authorities and imposes stricter administrative penalties in case of violation of the provisions of the law.

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